Vuzix Is A Leading Supplier Of Smart-Glasses and Augmented Reality (AR) Technologies And Products For The Consumer And Enterprise Markets
Vuzix Corporation, a supplier of Smart Glasses and Augmented Reality (AR) products in the consumer and enterprise markets, today announced that it closed the previously announced US$30.0 million registered direct offering on January 26, 2018. The company entered into agreements on January 24, 2018 relating to the sale of 3,000,000 shares of its common stock at an offering price of $10.00 per share together with a 40% one-year warrant to purchase an aggregate 1,200,000 shares of its common stock at $10.00 per share, which will be immediately exercisable for a period of one year. The gross proceeds from the offering were $30,000,000 before deducting commissions and estimated offering expenses. Chardan acted as the lead placement agent for this transaction and Maxim Group LLC acted as a co-placement agent for this transaction. The company has filed a prospectus with the Securities and Exchange Commission.
The Company estimates the net proceeds from this offering are approximately $28.4 million, after deducting placement agent fees and estimated offering expenses payable. As noted earlier, the Company intends to use the net proceeds from the offering for general corporate purposes, including expanding its product offering and the commercial launch of its Blade Smart Glasses, featuring its proprietary waveguide technology products and for general working capital purposes.
“We believe the success of this offering by institutional investors represents their confidence in our future, as the adoption of wearable technology in the workplace and consumer sector continues to gain steam,” said Paul Travers, President and Chief Executive Officer at Vuzix. “With the new funds, we have significantly improved our balance sheet, which gives us tremendous financial flexibility to continue to advance our new Blade Smart Glasses and waveguide technologies and be a stronger supplier to potential OEMs. In response to organic demand from consumers and enterprise customers alike we expect to begin ramping production of the Vuzix Blade by end of the first quarter putting the company in position to deliver in volume beginning in the second quarter of 2018.”
Vuzix is a leading supplier of Smart-Glasses and Augmented Reality (AR) technologies and products for the consumer and enterprise markets. The Company’s products include personal display and wearable computing devices that offer users a portable high-quality viewing experience, provide solutions for mobility, wearable displays and virtual and augmented reality.
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